KeyBank has completed its acquisition of Laurel Road Bank's digital lending business. The acquisition is intended to enhance Key's digital capabilities through customized, end-to-end lending products.
The acquisition of Laurel Road, is part of the bank's strategy to build targeted scale against defined client segments such as health care professionals, lawyers and graduate students. Specific to Laurel Road, KeyBank will focus in three areas to drive growth:
- Expand national, digital-only lending capabilities: Capitalize on Laurel Road's sustained success in delivering its capabilities through strategic partnerships and direct-to-market branding to enhance KeyBank's digital-lending offerings to customers.
- Boost KeyBank's client experience through compelling digital tools: Maximize the industry-leading technology behind Laurel Road's platform to drive growth and improve efficiencies.
- Deliver a holistic banking experience to a targeted segment of consumers: Leverage Laurel Road's expertise within the millennial professional market to build on its success and expand product offerings to acquire, broaden and deepen relationships.
Financial terms of the transaction have not been disclosed.
KeyBank was advised by KeyBanc Capital Markets Inc., and Debevoise & Plimpton. Laurel Road Bank was advised by RBC Capital Markets and Fried, Frank, Harris, Shriver & Jacobson LLP.